The biggest serial price increase of apartments in Riga was observed in Imanta

The prices of serial apartments in 2021 have increased by a total of 3.4%, according to the data collected by the real estate company Arco Real Estate. In May 2021, a serial increase in apartment prices was observed in all the largest micro-districts of Riga. The price increase was the highest in recent years. The basis of the significant price increase was the still low level of supply, which can be observed in all micro-districts of Riga, as well as in the surroundings of Riga. Apartment prices had a tendency to increase also in the surroundings of Riga, where the number of apartments is still growing rapidly. In the vicinity of Riga, prices increased the most in Jūrmala and Kauguris in May. In the micro-districts of Riga in May 2021, the prices of serial apartments increased by 1.8% during the month. The average price of serial apartments rose to 834 EUR/m². After the decrease in supply observed at the end of the 1st quarter of 2021, no significant increase in supply was still observed in the second quarter. The total number of apartment offers remained unchanged during the last month. The biggest price increase since the beginning of the year in Riga microdistricts was observed in Imanta (+ 5.1%). In May, prices were on average 48% lower than on July 1, 2007, when the average price of an unrenovated serial apartment reached an all-time high of 1,620 EUR/m². Judging by the number of rooms, changes were detected in May. The average price per square meter of serial apartments increased for one-room (+1.8%), two-room (+2.4%), three-room (+1.3%) and four-room (+1.3%) apartments. Summarizing the number of apartment offers in Riga’s micro-districts, it can be concluded that last month the number of apartment offers in the largest micro-districts of Riga mostly increased. The number of offers increased the most in Jugla – by 28%. The number of offers decreased the most during the month in Bolderāja (- 36%).

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